If you've had an offer accepted on your dream home, you may be wondering what to do next...
We've asked our partnership with Spire Solicitors for a guide on what you need to know when buying a property.
Here are the five stages outlining what you need to know and what the next steps are.
Stage 1- Instructing a Conveyancer and Applying for a Mortgage.
Once your offer has been accepted, you need to instruct a solicitor, legal executive or conveyancer.
Spire Solicitors work with us as part of a preferred panel of solicitors and can manage the legal process of transferring the property to your name.
If you are buying a property with a mortgage, you will need to make a formal mortgage application.
Once completed, the lender will arrange a valuation to ensure the property is worth what you intend to pay.
Stage 2- Enquiries and Searches
When you buy a property, your conveyancer will raise enquiries relating to the property, to ensure you have all the information you need.
However, your conveyancer will not advise on the physical condition of the property, so it is important to arrange a survey or any specialist reports such as electrical or damp reports.
They will also review the title to the property, to check the property has all the necessary rights and that there aren’t any covenants that might affect a buyer.
Stage 3- Pre-exchange
Once the results for the searches are received, replies to the enquiries raised, and confirmation of your mortgage offer, they will send you a report on the property and you need to sign the contract.
Make sure you read the report carefully, so you are aware of all the factors which affect the property you are buying.
Stage 4- Exchange of Contracts and Completion
Once both parties have signed the contract, the conveyancers will ‘exchange contracts’ and the property transaction becomes legally binding.
Completion can sometimes be on the same day as exchange, however if a mortgage is involved, you will usually need a week between exchange and completion.
The completion day is the final part of the conveyancing process and the day you get the keys to your new home.
For more information about the conveyancing process, or to request a quote, call Spire Solicitors on 01603 677077.
